Bank

The relevance of the banking laws in India and the suggested amendments

The Banking Laws (Amendment) Bill 2011 was introduced in order to amend the Banking Regulation Act, 1949, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980. The said Bill has been passed by both the Houses of Parliament…..

How and what to do when a cheque gets bounced?

You might think it should not be difficult to get somebody paid up whose cheque has got bounced... It's not a rocket science. However, the timing and strategies are exceptionally vital. Here are some answers concerning the steps included...

Criminal cheque bounce case 

The offence of cheque bouncing and legal provisions associated with it

Bouncing of a cheque invites criminal prosecution under section 138 of Negotiable Instruments Act. The Act states that when a person issues a cheque to another person to be encashed. The concerned cheque is issued towards a ‘debt’ payment or liability which is returned unpaid for insufficient of funds, the person who is issuing the cheque without having the required amount is treated as offender as per the Indian Govt. Section 138 presupposes three conditions for prosecution of an offence they are:

SC ruling makes Bounced cheques prosecution easier

Even The Apex Court of the country from time to time has been overruling its previous judgements with a view to provide quick relief to the sufferers. In such type of a case, the holders of bounced cheques have been given a never-before relief under the provisions of the Negotiable Instruments Act. 

All about the term ‘Cheque Bounce’ and the legal provisions associated with it

A cheque is a document or instrument that orders a particular payment of money from a bank account. The person who is writing the cheque, known as drawer, he writes the various details on the cheque including the date, monetary amount, name of payee, signs on cheque and ordering their bank to pay the stated amount to that particular organization or that person encash that. 

Subscribe to RSS - Bank